Innovation and Challenges in the ETF and Leverage Markets

Season 1, Episode 19
This week on the LFI Levered Lines podcast, Steve Miller of CreditSights welcomes Bill Housey, Head of Fixed Income at First Trust, for a candid conversation on the evolution of the leveraged loans market. Bill shares stories from his early days at Van Kampen, reflects on 15 years of innovation at First Trust—including the launch of their senior loan ETF—and discusses why active management and transparency are driving the next era of growth. The discussion spans the explosion of ETF structures, the importance of matching liquidity with technology, and how AI is amplifying the power of credit analysts. Bill and Steve also break down recent BSL activity, the return of M&A, and what the migration between private credit and the broadly syndicated market means for investors. Whether you’re a seasoned market participant or new to the space, this episode brings expert perspective on navigating today’s fast-evolving leveraged finance landscape.